Partners Real Estate Investment Trust announces filing of a preliminary prospectus and proposed timing of consolidation

/Not for distribution to U.S. newswire services or for dissemination in the United States.  Any failure to comply with this restriction may constitute a violation of U.S. securities laws./

VANCOUVER, Jan. 24, 2012 /CNW/ - Partners Real Estate Investment Trust (the "REIT" or "Partners REIT") (TSXV: PAR.UN) is pleased to announce that, as previously disclosed, it has filed a preliminary prospectus with the securities regulatory authorities in each of the provinces of Canada, except Quebec, to qualify the distribution (the "Offering") of 10,753,000 units of the REIT (the "Units") at a price of $1.86 per Unit representing gross proceeds of approximately $20 million, on a bought deal basis, to a syndicate of underwriters (the "Underwriters") co-led by National Bank Financial Inc. and Canaccord Genuity Corp., and including Scotia Capital Inc., CIBC World Markets Inc., TD Securities Inc., Desjardins Securities Inc., Macquarie Capital Markets Canada Ltd., Raymond James Ltd. and GMP Securities L.P.

The REIT has granted the Underwriters an over-allotment option, exercisable in whole or in part at any time up to 30 days following the closing of the offering, to purchase up to an additional 1,612,950 Units at the same offering price.

The Offering is expected to close on or about February 8, 2012 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

Partners REIT also announced today that it expects its previously announced consolidation of units on the basis of one post-consolidation unit for every four pre-consolidation units, will take place in February 2012 after the closing of the Offering. The consolidation is subject to the approval of the TSX Venture Exchange.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933 as amended and may not be offered or sold in the United States absent registration or pursuant to applicable exemption from registration.

About Partners REIT

Partners REIT is a growth-oriented real estate investment trust, which currently owns (directly or indirectly) twenty-one retail properties located in British Columbia, Alberta, Manitoba, Ontario and Quebec, aggregating approximately 1.7 million square feet of leaseable space. Partners REIT focuses on expanding and managing a portfolio of retail and mixed-use community and neighbourhood shopping centres located in both primary and secondary markets across Canada.

Forward-looking Statements

Certain statements included in this press release constitute forward-looking statements, including, but not limited to, those identified by the expressions "believe", "expect," "will", "offers the opportunity", "intend, "look forward" and similar expressions to the extent they relate to Partners REIT. The forward-looking statements are not historical facts but reflect Partners REIT's current expectations regarding future results or events. These forward looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the closing of the Offering, success of the Offering, listing of the Units, use of proceeds of the Offering, regulatory approval of the proposed consolidation of units, access to capital, regulatory approvals, our intention to grow and diversify our portfolio, intended acquisitions, our status as a "real estate investment trust" and general economic and industry conditions. Although Partners REIT believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein.

The forward-looking statements contained in this press release reflect our current views with respect to future events and are also subject to certain other risks and uncertainties and other risks detailed from time-to-time in Partners REIT's ongoing filings with the securities regulatory authorities, which filings can be found at www.sedar.com. Actual results, events, and performance may differ materially from those contemplated in Partners REIT's forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Partners REIT does not undertake any obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Partners REIT

For further information:

Partners REIT:
Patrick Miniutti, President and Chief Operating Officer (250) 940-5500

Profil de l'entreprise

Partners REIT

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